We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register to chat with like-minded investors on our interactive forums.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| AB Dynamics Plc | AQSE:ABDP.GB | Aquis Stock Exchange | Ordinary Share | GB00B9GQVG73 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1,750.00 | 1,700.00 | 1,800.00 | 1,799.70 | 1,745.00 | 1,750.00 | 501 | 15:29:35 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMABDP
RNS Number : 3032P
AB Dynamics PLC
16 November 2016
16(th) November 2016
AB Dynamics plc
("ABD", the "Company" or the "Group")
Final Results
AB Dynamics plc (AIM:ABDP), a designer, manufacturer and supplier of advanced testing systems and measurement products to the global automotive industry, is pleased to announce its Final Results for the year ended 31 August 2016.
Financial Highlights
-- Revenue increased 23.9% to GBP20.5 million (2015: GBP16.5 million) -- Operating profit increased 16% to GBP4.4 million (2015: GBP3.8 million) -- Adjusted operating profit increased 22.7% to GBP4.65 million (2015: GBP3.79 million)* -- Net cash inflow GBP4.1 million (2015: GBP4.0 million) -- Final dividend of 1.815 pence per ordinary share, 3.025 pence for the year up 10% -- Order book covers revenues to Q3 2017
* Excludes option cost of GBP273K
Operational Highlights
-- New team of Field Support engineers in UK, Germany and Japan -- New Commercial Director based in Germany -- Entered the Vehicle Simulator market - partnership with Williams F1 -- Achieved another record for sales of Track Testing products worldwide -- New factory on target for completion Q3 2017 -- Reorganisation generating improvements in supply chain and product fulfilment
Tim Rogers, Chief Executive Officer of AB Dynamics, commented:
"We have had another good year, with all three business areas - Track Testing, Laboratory Testing and Test and Monitoring Systems - performing in line with management expectations.
The Company has spent more on research and development this year than in previous years and has seen the performance, quality and reputation of its products improve leading to steady growth in their uptake. Construction has now started on our new facility with completion targeted for the third quarter 2017.
With current orders taking us into our third quarter, we remain committed to being able to provide capacity to fulfil these orders whilst ensuring that we focus on future business opportunities."
For further information please contact:
AB Dynamics plc Tim Rogers, Chief Executive Officer Rob Hart, Financial Director Tony Best, Non-Executive Chairman 01225 860 200 Cairn Financial Advisers LLP (Nomad) Tony Rawlinson 0207 213 0880 Cantor Fitzgerald Europe (Broker) David Foreman Phil Davies 0207 894 7000 Newgate (PR) Adam Lloyd Helena Bogle 0207 653 9850
Chairman's and Chief Executive's Statement
Overview
We are very pleased to be publishing the fourth annual report for AB Dynamics plc since its admission to the AIM market in May 2013.
Highlights from the Group's operations for the year ended 31 August 2016 are:
-- Increased demand for our products and services from the global automotive testing sector, has driven a 23.9% increase in the Group's revenue
-- Introduction of a new line of products with the Advanced Vehicle Dynamics Simulator following our partnership with Williams F1
-- Construction has started on our new facility with completion targeted for the third quarter of 2017
Results
We have had another good year, with all three business areas: "Track Testing", "Laboratory Testing", and "Test & Monitoring Systems", performing in line with management expectations.
Continued improvements in our operations and favourable currency exchange has enabled us to finish this year with an excellent set of financial results that are in line with market expectations, with revenue of GBP20.47m (2015: GBP16.52m) and operating profit of GBP4.38m (2015: GBP3.77m).
Our people are a cornerstone of the future success of the Company and in recognition of their ongoing efforts and performance, we implemented a new share option plan during the year. This year's results therefore include a share based payment charge of GBP273k. Excluding this non-cash charge provides a more accurate reflection of the underlying performance of the business, with an adjusted operating profit* of GBP4.65m (2015: GBP3.79m) representing a 23% increase on last year and consistent adjusted operating profit margin of 22.7% (2015: 22.9%).
The Company has spent more on research and development this year than in previous years and has seen the performance, quality and reputation of its products improve leading to steady growth in their uptake. Furthermore, the Company is delivering on its commitment to improve customer support, with a new team of field support engineers located in the UK, Germany and Japan. In addition, we recently appointed a new Commercial Director based in Germany, to provide a key supporting role to the German OEMs and a global remit to improve our market communications via our distributor network.
Operations
Facilities
Construction has now started on our new 3,070 m(2) facility with completion targeted for the third quarter 2017. The Company has meanwhile leased two additional sites nearby, one to house our new advanced Vehicle Dynamic Simulator ("aVDS") demonstration unit and the other to facilitate the increased demand for our Advanced Driver Assistance Systems ("ADAS") targets by having a dedicated manufacturing and training centre for these products.
As set out previously, the Directors remain confident the Group has sufficient capacity until such time as the new facility becomes available, when a review of our current facilities and future requirements will be made.
* Adjusted operating profit represents operating profit excluding share based payment charge
Product Development
We continue to develop a pipeline of new and novel products to further grow the Group. The most recent of these is the exciting partnership with Williams F1 to bring the aVDS to the automotive test industry. As vehicle development becomes a more virtual process, it is the data generated by our customers from using our track testing and lab testing products that allows them to create more and more sophisticated computer vehicle models. The ability of the aDVS to "drive" these mathematical models in a simulated environment will reduce the overall development time and the need to produce so many prototypes. The aVDS is a high value offering and readily compliments the existing AB Dynamics product range.
We have also made significant software upgrades through the product range, introducing new functionality to most of our existing products. These upgrades have been well received by our customers.
Employees
The performance of our business is a consequence of the quality and talent of the staff we employ. We continue to attract and retain some of the very best talent in UK engineering, with the Group reaching a landmark of over 86 direct employees. The Group has a policy of offering share options to all staff which we believe successfully motivates them to create further value to the business. The Board continues to review these arrangements, balanced as always in the best interests of all the shareholders.
Dividend
Our strong balance sheet and cash flow provides a solid foundation for a final dividend and we are pleased to announce that the Directors are recommending the payment of a final dividend of 1.815p per share, payable in December 2016 subject to shareholder approval at the AGM. The ex dividend date will be 24 November 2016 and the record date will be 25 November 2016. The total dividend for the year will therefore be 3.025p representing an increase of 10% against prior year.
Current Trading and Outlook
With current orders taking us into our third quarter, we remain committed to being able to provide capacity to fulfil these orders whilst ensuring that we focus on the future business opportunities.
The Board would like to take this opportunity to thank all of ABD's employees for the hard work and commitment they have given to the business over the last year.
Tony Best Tim Rogers Non-Executive Chairman Chief Executive Officer 15 November 2016 15 November 2016
Consolidated statement of comprehensive income
Hot Features
Premium
Year ended Year ended
31 August 31 August
2016 2015
Note GBP GBP
Continuing operations
Revenue 2 20,472,244 16,522,627
Cost of sales (14,296,445) (11,172,617)
Gross profit 6,175,799 5,350,010
Administrative expenses (1,635,977) (1,643,048)
Fair value (losses)
/ gains in respect of
foreign currency forward
contracts (161,145) 67,343
------------- -------------
Operating profit 4,378,677 3,774,305
Finance income 72,643 42,689
Profit before taxation 4,451,320 3,816,994
Corporation tax expense (576,935) (570,986)
Profit after taxation 3,874,385 3,246,008
- -
Other comprehensive
income
Total comprehensive
income for the year
attributed to equity
holders 3,874,385 3,246,008
============= =============
Earnings per share -
Basic (pence) 4 22.25p 19.16p
Earnings per share -
Diluted (pence) 4 22.25p 18.26p
Consolidated statement of financial position
as at 31 August 2016
2016 2015
Note GBP GBP
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 2,695,097 1,727,349
Deferred tax assets - 48,548
------------- -------------
2,695,097 1,775,897
------------- -------------
CURRENT ASSETS
------------- -------------
Inventories 3,191,642 2,541,704
Trade receivables 2,601,857 2,825,148
Other receivables, deposits
and prepayments 1,006,657 464,462
Amount owing by contract
customers 1,285,922 1,301,169
Derivative financial instruments - 33,743
Taxation 148,992 -
Cash and cash equivalents 10,404,523 7,967,808
------------- -------------
18,639,593 15,134,034
------------- -------------
TOTAL ASSETS 21,334,690 16,909,931
------------- -------------
EQUITY AND LIABILITIES
Share capital 5 177,646 173,344
Share premium 2,590,267 2,540,711
Reconstruction reserve (11,284,500) (11,284,500)
Merger relief reserve 11,390,000 11,390,000
Retained profits 14,643,035 10,830,329
------------- -------------
Total equity attributable
to owners of the Company
and total equity 17,516,448 13,649,884
NON-CURRENT LIABILITIES
Deferred tax liabilities 118,946 -
------------- -------------
CURRENT LIABILITIES
------------- -------------
Trade and other payables
and accruals 3,608,862 3,089,487
Provision for taxation - 170,560
Derivative financial instruments 90,434 -
3,699,296 3,260,047
------------- -------------
TOTAL LIABILITIES 3,818,242 3,260,047
------------- -------------
TOTAL EQUITY AND LIABILITIES 21,334,690 16,909,931
============= =============
Consolidated statement of changes in equity
Share Share Merger Reconstruction Retained Total
capital premium relief reserve profits equity
reserve
GBP GBP GBP GBP GBP GBP
--------- ---------- ----------- --------------- ----------- -----------
Balance at
1 September
2014 167,757 2,385,910 11,390,000 (11,284,500) 7,666,718 10,325,885
Share based
payment
expense - - - - 13,410 13,410
Deferred Tax
on Share Options - - - - 168,387 168,387
Profit after
taxation and
total comprehensive
income for
the financial
year - - - - 3,246,008 3,246,008
Tax impact
of exercised
Share Options - - - - 172,632 172,632
Dividend paid - - - - (436,826) (436,826)
Issue of shares,
net of share
issue costs 5,587 154,801 - - - 160,388
--------- ---------- ----------- --------------- ----------- -----------
Balance at
31 August
2015 173,344 2,540,711 11,390,000 (11,284,500) 10,830,329 13,649,884
--------- ---------- ----------- --------------- ----------- -----------
Balance at
1 September
2015 173,344 2,540,711 11,390,000 (11,284,500) 10,830,329 13,649,884
Share based
payment
expense - - - - 273,405 273,405
Deferred Tax
on Share Options - - - - (168,387) (168,387)
Profit after
taxation and
total comprehensive
income for
the financial
year - - - - 3,874,385 3,874,385
Tax impact
of exercised
Share Options - - - - 329,066 329,066
Dividend paid - - - - (495,763) (495,763)
Issue of shares,
net of share
issue costs 4,302 49,556 - - - 53,858
--------- ---------- ----------- --------------- ----------- -----------
Balance at
31 August
2016 177,646 2,590,267 11,390,000 (11,284,500) 14,643,035 17,516,448
--------- ---------- ----------- --------------- ----------- -----------
The share premium account is a non-distributable reserve representing the difference between the nominal value of shares in issue and the amounts subscribed for those shares.
The reconstruction reserve and merger relief reserve have arisen as follows:
The acquisition by the Company of the entire issued share capital of Anthony Best Dynamics Limited in 2013 was accounted for as a reverse acquisition under IFRS3 (revised). Consequently, the previously recognised book values and assets and liabilities were retained and the consolidated financial information for the period to 31 August 2013 was presented as if the Company had always been the parent company of the Group which included a capital redemption reserve arising in the subsidiary amounting to GBP62,500.
The share capital for the period covered by these consolidated financial statements and the comparative periods is stated at the nominal value of the shares issued pursuant to the above share arrangement. Any differences between the nominal value of these shares and previously reported nominal values of shares and applicable share premium issued by Anthony Best Dynamics Limited were transferred to the reconstruction reserve.
Retained profits represent the cumulative value of the profits not distributed to shareholders, but retained to finance the future capital requirements of the Group.
Consolidated statement of cash flows
2016 2015
GBP GBP
Cash flow from operating activities
Profit before taxation 4,451,320 3,816,994
Adjustments for:-
Depreciation of property, plant
and equipment 277,695 183,836
Loss on sale of property, plant
and equipment 2,336 42
Interest income (72,643) (42,689)
Share based payment 273,405 13,410
Operating profit before working
capital changes 4,932,113 3,971,593
Increase in inventories (649,939) (542,873)
Decrease / (increase) in trade
and other receivables (303,657) 883,180
Increase in trade and other
payables and accruals 519,375 175,644
Fair value loss / (gain) on
derivative instruments 124,178 (33,743)
Cash flow from operations 4,622,070 4,453,801
Interest received 72,643 42,689
Income tax paid (568,314) (457,206)
Net cash flow from operating
activities 4,126,399 4,039,284
Cash flow from investing activities
Purchase of property, plant
and equipment (1,608,527) (691,244)
Sale of property, plant and 360,748 -
equipment
Cash flow used in investing
activities (1,247,779) (691,244)
Cash flow from financing activities
Dividends paid (495,763) (436,826)
Proceeds from issue of share
capital, net of share issue
costs 53,858 160,388
Net cash flow used in financing
activities (441,905) (276,438)
Net increase in cash and cash
equivalents 2,436,715 3,071,602
Cash and cash equivalents at
beginning of the financial year 7,967,808 4,896,206
Cash and cash equivalents at
end of the financial year 10,404,523 7,967,808
Notes to the consolidated financial statements
1. General information
The Company is a public company limited by shares and incorporated under the UK Companies Act. The Company is domiciled in the United Kingdom and the registered office and principal place of business is Holt Road, Bradford on Avon, Wiltshire, BA15 1AJ.
The principal activity is the specialised area of design and manufacture of test equipment for vehicle suspension, steering, noise and vibration. The Company also offers a range of services which include analysis, design, prototype manufacture, testing and development.
Basis of preparation
The Company was incorporated on 7 February 2013 and on 8 May 2013 acquired the entire share capital of Anthony Best Dynamics Limited. As a result of this transaction, the ultimate shareholders in Anthony Best Dynamics Limited received shares in the Company in direct proportion to their original shareholdings in Anthony Best Dynamics Limited.
Under IFRS 3 (revised) "Business Combinations", the acquisition of Anthony Best Dynamics Limited by the Company was accounted for as a reverse acquisition and the consolidated IFRS financial information of the Company is therefore a continuation of the financial information of Anthony Best Dynamics Limited.
The financial statements are measured and presented in sterling (GBP), unless otherwise stated, which is the currency of the primary economic environment in which the entities operate. They have been prepared under the historical cost convention, except for financial instruments that have been measured at fair value through profit or loss.
The financial statements have been prepared on the going concern basis, which assumes that the Group will continue to be able to meet its liabilities as they fall due for the foreseeable future.
The financial information has been prepared in accordance with International Financial Reporting Standards as adopted by the EU ("IFRS") issued by the International Accounting Standards Board ("IASB"), including related interpretations issued by the International Financial Reporting Interpretations Committee ("IFRIC").
2. Segment reporting
The Group derives revenue from the sale of its advanced measurement and testing products derived in assisting the global automotive industry in the laboratory and on the test track. The income streams are all derived from the utilisation of these products which, in all aspects except details of revenue, are reviewed and managed together within the Group and as such are considered to be the only segment.
Per IFRS 8, the operating segment is based on internal reports about components of the group, which are regularly reviewed and used by the board of directors being the Chief Operating Decision Maker ("CODM").
All of the Group's non-current assets are held in the UK.
Material revenues attributable to individual foreign countries are as follows:
2016 2015
GBP GBP
United Kingdom 379,418 498,948
Rest of the European Union 6,241,564 4,537,758
North America 3,099,983 1,588,822
Rest of the World 10,751,279 9,897,099
----------- -----------
20,472,244 16,522,627
----------- -----------
No revenues derive from major customers, which individually represent 10% or more of total revenue.
There were no material non-current assets located outside the United Kingdom.
Revenues are derived from the following:
Revenue from sale of goods 15,612,065 11,670,526
Revenue from construction
contracts 4,860,179 4,852,101
----------- -----------
20,472,244 16,522,627
----------- -----------
3. Dividends paid
2016 2015
GBP GBP
Final 2014 dividend paid
of GBP0.015 per share 251,634
Interim dividend paid of
GBP0.011 per share 185,192
Final 2015 dividend paid
of GBP0.0165 per share 286,017
Interim dividend paid of
GBP0.0121 per share 209,746
---------------- ----------------
495,763 436,826
================ ================
The Board has proposed a final dividend of 1.815p per share totalling GBP322,427. Together with the interim dividend of 1.21p per share this gives a total Ordinary dividend of 3.025p for the year.
4. Earnings per share
Basic earnings per share is calculated by dividing the profit attributable to equity holders by the weighted average number of ordinary shares in issue during the period.
Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential shares. The Company has one category of potentially dilutive shares, namely share options.
The calculation of earnings per share is based on the following earnings and number of shares.
Years ended 31 August
2016 2015
Profit after tax attributable to owners of
the Group (GBP) GBP3,874,385 GBP3,246,008
Weighted average number of shares:
Basic 17,414,329 16,940,438
Adjustments in respect of potentially dilutive share options - 832,207
Diluted 17,414,329 17,772,645
Earnings per share (pence)
Basic 22.25 19.16
Diluted 22.25 18.26
5. Share capital
The allotted, called up and full paid share capital is made up of 17,764,578 ordinary shares of GBP0.01 each.
Note Number Share Share Total
of shares Capital premium
GBP GBP GBP
---------------- ------- ------------ --------- ----------- -----------
At 1 September
2014 16,775,640 167,757 2,385,910 2,553,667
------------------------- ------------ --------- ----------- -----------
On 4 December
2014 (i) 60,000 600 51,000 51,600
---------------- ------- ------------ --------- ----------- -----------
On 5 June
2015 (ii) 63,069 630 53,609 54,239
---------------- ------- ------------ --------- ----------- -----------
On 5 June
2015 (iii) 435,697 4,357 50,192 54,549
---------------- ------- ------------ --------- ----------- -----------
At 31 August
2015 17,334,406 173,344 2,540,711 2,714,055
------------------------- ------------ --------- ----------- -----------
On 24 June
2016 (iv) 430,172 4,302 49,556 53,858
---------------- ------- ------------ --------- ----------- -----------
At 31 August
2016 17,764,578 177,646 2,590,267 2,767,913
------------------------- ------------ --------- ----------- -----------
(i) On 4 December 2014, Cairn Financial Advisers LLP exercised 60,000 warrants of GBP0.01 each for 86p.
(ii) On 5 June 2015, Cairn Financial Advisers LLP exercised 63,069 warrants of GBP0.01 each for 86p.
(iii) On 5 June 2015, a total of 435,697 share options were exercised of GBP0.01 each for GBP0.1252.
(iv) On 24 June 2016, a total of 430,172 share options were exercised of GBP0.01 each for GBP0.1252.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR GGGBGGUPQUMQ
(END) Dow Jones Newswires
November 16, 2016 02:25 ET (07:25 GMT)
1 Year AB Dynamics Chart |
1 Month AB Dynamics Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
